Exploring Market Dynamics and Growth Drivers in the Mass Spectrometry Industry

Mass Spectrometry Market in terms of revenue was estimated to be worth $5.4 billion in 2023 and is poised to reach $7.8 billion by 2028, growing at a CAGR of 7.5% from 2023 to 2028 according to a new report by MarketsandMarkets™.

The rise in advantages offered by mass spectrometry to be used in therapeutics is one of the major factors anticipated to boost market growth in the forecasting years.

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Mass Spectrometry Market by Product (Instrument (Triple Quadrupole, Q-TOF, FTMS, Quadrupole, TOF), Services), Sample Preparation (LC-MS, GC-MS), Application (Omics, Clinical, Environmental), End User (Pharma, Academia, F&B) & Region - Forecasts to 2028

Mass Spectrometry Key Market Players:

The mass spectrometry business is very competitive, with both established companies and newcomers competing for the same market share. As of 2022, the key players operating in the global mass spectrometry market are SCIEX AB (US), Thermo Fisher Scientific (US), Agilent Technologies (US), Waters Corporation (US), PerkinElmer Inc. (US), Shimadzu Corporation (Japan) and Bruker Corporation (US) among others.

Based on product, the mass spectrometry market is segmented into instrument and software & services. Instruments are expected to dominate the mass spectrometry market during the forecast period. Due to its excellent high throughput screening, ability of rapid and high-resolution testing, and usage for various applications is highly advantageous.

Based on sample preparation technique, the mass spectrometry is segmented into GC-MS, LC-MS, ICP-MS, and others.  LC-MS are expected to dominate the mass spectrometry market during the forecast period. The growth is attributed to its broad applicability to a wide range of rigorous demands of the analytical market and industries.

Based on applications, the mass spectrometry market is segmented into OMICS research, drug discovery, environmental testing, food testing, pharma-biopharma manufacturing, clinical diagnostics, applied industries, and other applications. The OMICS research segment is estimated to hold the largest market share of the mass spectrometry market during the forecast period. The segment includes life science related research like Genomics, Proteomics and Metabolomics.

The end-user market is segmented pharmaceutical companies, biotechnology companies, research labs & academic institutes, environmental testing labs, F&B industry, forensic labs, petrochemical industry and other end users. Pharmaceutical companies accounted for the largest share of the global mass spectrometry market in 2022. This end-user segment is also estimated to grow at the highest CAGR during the forecast period. This can be attributed to the factors such as presence of stringent regulatory guidelines for drug development and safety and availability of government and corporate funding for pharmaceutical research.

The mass spectrometry market covers five key geographies—North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The market in the North America region is expected to hold significant market share for mass spectrometry in 2022. The growth of the mass spectrometry market in this region can be attributed to the increasing investments in pharmaceutical R&D and government funding for R&D activities.

A breakdown of the primary participants referred to for this report is provided below:

• By Company Type: Tier 1–50%, Tier 2–30%, and Tier 3– 20%
• By Designation: C-level–37%, Director-level–29%, and Others–34%
• By Region: North America–27%, Europe–30%, Asia Pacific–33%, ROW-10%

Research Coverage:

• This report studies the mass spectrometry market based on technology, sample preparation technology, application, end user and region. It also covers the factors affecting market growth, analyzes the various opportunities and challenges in the market, and provides details of the competitive landscape for market leaders. Furthermore, the report analyzes micro markets with respect to their individual growth trends and forecasts the revenue of the market segments with respect to five main regions (and the respective countries in these regions).
• Reasons to Buy the Report
• The report will enable established firms as well as entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them to garner a larger market share. Firms purchasing the report could use one or a combination of the below-mentioned strategies to strengthen their market presence.

This report provides insights on the following pointers:

• Analysis of key drivers (technological advancements in mass spectrometers, government initiatives for pollution control and environmental testing, increasing spending on pharmaceutical R&D, government regulations on drug safety, growing focus on the quality of food products, increase in crude and shale gas production), restraints (premium product pricing), opportunities (growth potential offered by emerging markets), and challenges (dearth of skilled professionals) influencing the growth of mass spectrometry market
• Market Penetration: Comprehensive information on the product portfolios offered by the top players in the mass spectrometry market
• Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the mass spectrometry market
• Market Development: Comprehensive information on lucrative emerging regions
• Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the mass spectrometry market
• Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.

Recent Developments:

• In January 2022, Thermo Fisher and Symphogen extended their collaborative partnership with aim to deliver workflows for simplified characterization and quality monitoring of complex therapeutic proteins using the Thermo Scientific Q Exactive Plus Orbitrap LC-MS/MS system.
• In February 2023, SCIEX announced collaboration with HighRes Biosolutions to bring customizable automation solutions powered by Cellario software, which would add automation benefits to the Echo MS system.
• In February 2022, Waters Corporation acquired Charge Detection Mass Spectrometry technology assets and intellectual property rights of Megadalton Solutions, Inc., to broaden its application in Cell and Gene Therapy.
• In September 2022, Agilent Technologies partnered with MOBILion Systems for ion mobility separation technology called Structures for Lossless Ion Manipulation (SLIM) on its Q-TOF mass spectrometers.

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